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Forex Stock Exchange Forum  » Forex and Stock Trading English Forum » Platforms,Coding/Sripts,Expert Adviser,Indikators, » Perfect Trend Lines Indicator for VertexFX

Perfect Trend Lines Indicator for VertexFX

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traderEd



Perfect Trend Lines, PTL, is a short-term trend trading indicator. The lines showing the trend in this indicator is not straight lines like normal trend lines. PTL indicator calculation is simple. First take the 7 bar high and low, then the 3 bar high and low. If the close price is above the 7 bar high and 3 bar high, then an uptrend is identified. When the close price is below the 7 bar low and 3 bar low then a downtrend is identified. These bars are considered as strong trend bars. The magenta line is the 7 bar high or low depending on the trend. The cyan line is the 3 bar high or low depending on trend direction. When price is trading between these 2 lines trend strength is weak.

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A magenta diamond shape appears when sell signal is generated. Cyan diamond shape appears for a buy signal. The magenta line can be used as stop loss. The cyan line provides a tighter stop loss level. Strong downtrend bars are marked by a magenta dot at the bar high and strong uptrend bars are marked by a cyan dot at the bottom of the bar.

Parameters:
1.       SlowLength – Long term trend identification period
2.       SlowPipDisplace – Buffer level for displacing the Long term trend line
3.       SlowLength – Short term trend identification period
4.       SlowPipDisplace – Buffer level for displacing the short term trend line

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